Bitcoin Breaks Below $108K — Longs Slammed While Shorts Barely Touched

Bitcoin has dropped below $108,000, marking a 24-hour decline of 4.76%. In the past hour alone, the network saw $180M in liquidations — $178M from longs and only $2.75M from shorts, signaling an extreme one-sided squeeze.

The move was triggered by Powell’s hawkish speech, where he stated that a December rate cut is “far from certain”, shattering previous expectations of a 92% probability of cuts.

Key technical points:

Bitcoin fell from around $113K to a low of $107,957.

$108K, previously a key support, has now turned into resistance.

Short-term targets: $105K–$106K, with deeper correction potential to $93K–$88K if broken.

On-chain signals:

Long-term holders sold 325,600 BTC in the past 30 days — the largest monthly reduction since July.

$471M net outflow from BTC ETFs yesterday, with all 12 ETFs seeing net outflows, reflecting waning institutional confidence.

Strategy: Observe for now. Consider going long only after BTC stabilizes above $110K. Short-term fluctuations may persist, and CME futures gap fills could accelerate declines.

#Bitcoin #BTC #CryptoMarket #Powell #CMEGap #CryptoLiquidations #CryptoNews #BTCAnalysis #LongSqueeze